SINGAPORE: Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
Brent crude futures, which have rolled to the January contract, climbed $1.41, or 2 percent, to $74.22 a barrel by 7:56 a.m. Saudi time.
US West Texas Intermediate crude futures rose $1.46, or 2.1 percent, to $70.72 a barrel after settling up 0.95 percent in the previous session.